TransCentury's latest Shs400 million Ugandan property added to ghost town of unsold properties

This is the latest sale in the company's efforts to dispose off assets that aren't generating money since 2019 when it put several properties on sale. They included residential houses in Nairobi and Dar es Salaam.

“The group is in the process of disposing of some of its non-operating assets to generate operating cash flows,” TransCentury said in an information memorandum about its ongoing rights issues that seek to raise Sh2 billion.

The latest properties are valued at Shs700 million for the one in Mombasa, and Shs400 million for the one in Uganda.

Although valuation has been completed, the company has not received an offer for the property in Uganda.

However, the previous properties have not left the market over the years indicating either an absence of demand or acceptable offers. Other properties include Lavington valued at Shs107 million and Zambia's Light Industrial Area valued at Shs14.1 million.

The money generated will be injected in debt settlement, repayment of debt owed to lenders and improving operating capital for the company and its subsidiaries. The cash flow will also finance projects the company says it has already undertaken.

Offer call has been moved to February 3, 2023 from the previous close showing that the company is yet to raise the target Shs2 billion, reports businessdailyafrica.

TransCentury is primarily focused on infrastructure development, offering civil and mechanical engineering, and transportation, for a wide clientele including governments, private companies and households.

It has subsidiaries such as East African Cables, Tanelec Limited, Civicon Africa Group Limited and Cable Holdings Limited.